THALL portrays a remarkable turnaround in financial performance
By MG News | January 24, 2020 at 05:33 PM GMT+05:00
January 24, 2020 (MLN): Thal Industries Corporation Limited has reported net earnings of Rs. 150.8 million (EPS: Rs. 10.04) for the quarter ended December 31, 2019, as opposed to losses of Rs. 250.8 million recorded in the same period of previous year.
This remarkable turnaround in performance was a result of humungous rise in gross profits, resulting from improvement in revenue and no change in cost of production.
Further adding to the company’s joy, the Distribution and Selling expenditure came down by 40.6%. Nonetheless, the company suffered some setbacks in the form of fall in non-core income by 40.7% and the presence of non-core expenditure of up to Rs. 15.7 million.
While the Finance cost increased merely by 3.5%, the tax expense depicted a substantial rise of 234%.
| Financial Results for the quarter ended December 31, 2019 (Rupees) | |||
|---|---|---|---|
| Dec-19 | Dec-18 | % change | |
| Sales - net | 1,890,335,840 | 1,433,814,451 | 31.84% |
| Cost of sales | (1,408,488,391) | (1,418,088,044) | -0.68% |
| Gross profit | 481,847,449 | 15,726,407 | 2963.94% |
| Distribution and selling expenses | (41,848,562) | (70,461,340) | -40.61% |
| Administrative expenses | (120,415,401) | (106,009,608) | 13.59% |
| Other charges | (15,744,678) | ||
| Other income | 22,984,076 | 38,809,265 | -40.78% |
| Finance costs | (114,383,824) | (110,511,306) | 3.50% |
| Profit before taxation | 212,439,060 | (232,446,582) |
|
| Taxation | (61,607,327) | (18,407,796) | 234.68% |
| Profit after taxation | 150,831,733 | (250,854,378) |
|
| Basic and diluted earnings per share (Rupees) | 10.04 | (16.70) |
|
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